United States · United States Congress · 28 June 2001
Increases from 50 to 100 percent the amount of gain excluded from the sale of certain small business stock. Reduces from five to three years the holding period applicable to such a sale. Makes such exclusion available to corporations. Makes the stock of larger businesses eligible. Repeals the minimum tax preference for the exclusion for incentive stock options.
United States · United States Congress · 28 June 2001
Amends the Internal Revenue Code to allow as capital expenditure deductions certain replanting, removal, and preproductive costs of crops for human consumption lost to freezing temperature, disease, drought, casualty, or pests.
United States · United States Congress · 27 June 2001
High-Speed Rail Investment Act of 2000 - Amends the Internal Revenue Code to allow a limited tax credit to holders of qualified Amtrak bonds. Sets forth definitions, State contribution requirements, and other rules. Requires approval, by the Secretary of Transportation, of qualified Amtrak projects funded by such bonds.
United States · United States Congress · 27 June 2001
Amends the Internal Revenue Code to permit rural mail carriers to treat qualified vehicle expenses in excess of reimbursements as miscellaneous itemized deductions.
United States · United States Congress · 26 June 2001
Patients' Bill of Rights Act of 2001 - Sets forth provisions concerning group health plans and health insurers and the provision of certain advice and care, including: (1) emergency care; (2) obstetric and gynecological care; (3) specialists care; (4) prescription drugs; (5) participation in approved clinical trials; and (6) health plan information. Amends the Employee Retirement Income Security Act of 1974, the Public Health Service Act, and the Internal Revenue Code to, among other things: (1) provide for review and appeal of health plan decisions; (2) provide penalties for health plans failing to provide benefits; (3) provide for patient protection standards; (4) repeal the limitation on the number of Archer Medical Savings Accounts and increase the deduction for contributions to such accounts; and (5) set forth rules governing association health plans.
United States · United States Congress · 21 June 2001
Amends the Immigration and Nationality Act to: (1) authorize nonimmigrant spouses of intracompany transferee aliens to work in the United States; and (2) reduce the required period of prior continuous employment for certain intracompany transferees under an expedited blanket petition.
United States · United States Congress · 21 June 2001
Conservation Tax Incentives Act of 2001 - Amends the Internal Revenue Code to exclude from gross income 50 percent of any gain from the sale of land or an interest in land or water to an eligible entity if: (1) such land or interest in land or water was owned by the taxpayer or a member of the taxpayer's family at all times during the 3-year period ending on the date of the sale; and (2) such land or interest in land or water is being acquired by an eligible conservation entity which provides the taxpayer, at the time of acquisition, a written letter of intent stating that the purchaser's intent in making the acquisition is to serve specified conservation purposes.
United States · United States Congress · 21 June 2001
Retirement Security Advice Act of 2001 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to allow prohibited transaction exemptions under specified conditions to: (1) a fiduciary adviser's providing certain investment advice to an employee benefit plan or to a participant or beneficiary of such plan; (2) sale, acquisition, or holding of securities or other property (including any lending of money or other extension of credit associated with these) pursuant to such advice; and (3) direct or indirect receipt of fees or other compensation by the fiduciary adviser or an affiliate in connection with providing such advice.
United States · United States Congress · 13 June 2001
Trade Promotion Authority Act of 2001 - Sets forth the overall trade negotiating objectives of the United States for trade agreements (generally similar to the objectives of the Omnibus Trade and Competitiveness Act of 1988 (OTCA)), including to: (1) further strengthen the system of international trading disciplines and procedures, including dispute settlement; and (2) foster economic growth, raise living standards, and promote full employment in the United States and to enhance the global economy. Sets forth the principal U.S. negotiating objectives (generally similar to the principal OTCA negotiating objectives) regarding trade barriers and other trade distortions, trade in services, foreign investment, intellectual property, transparency, improvement of the World Trade Organization (WTO) and other multilateral and bilateral trade agreements, foreign regulatory practices, electronic commerce, reciprocal trade in agriculture, and WTO extended negotiations. Requires the United States Trade Representative (USTR) to consult closely with Congress during trade negotiations. Sets forth the authority of the President (generally similar to the authority under OTCA) to enter into trade agreements with foreign countries regarding tariff and non-tariff barriers. States that a trade agreement may be entered into (before June 1, 2005; or June 1, 2007, if trade authorities procedures (or fast-track procedures) are extended under this Act) only if it makes progress in meeting the overall and principal trade negotiating objectives, and the President satisfies certain notification and consultation requirements set forth in this Act, including submission of the agreement for assessment by the International Trade Commission. Applies trade authorities procedures to bills implementing trade agreements if they consist of: (1) a provision approving a trade agreement entered into under this Act, and approving any statement of administrative action; and (2) if changes in existing laws or new statutory authority are required to implement such agreements, provisions necessary to implement them, either repealing or amending existing laws or providing new statutory law. Authorizes both Houses of Congress to adopt, within 60 days of each other, a procedural disapproval resolution denying trade authorities procedures to any trade agreement if the President has failed or refused to notify or consult with Congress about it. Exempts from the notice and consultation requirements of this Act any tariff or nontariff agreement which results from negotiations commenced before enactment of this Act, and which: (1) is entered into under the auspices of the WTO regarding the rules of origin work program; (2) is entered into with Chile or Singapore; or (3) establishes a Free Trade Area for the Americas. Requires the appointment of a Congressional Oversight Group to serve as advisor to the U.S. delegation after the President notifies Congress of his intention to enter into the negotiation of any tariff or nontariff trade agreement. Requires the President to submit an implementation and enforcement plan at the same time a final text of any tariff or nontariff trade agreement is submitted to Congress.
United States · United States Congress · 12 June 2001
Amends the Internal Revenue Code to permit: (1) Federal civilian and military retirees to pay Federal Employees Health Benefits Program and TRICARE supplemental premiums on a pretax basis; and (2) a deduction (available to itemizers and nonitemizers) for TRICARE supplemental premiums and enrollment fees.
United States · United States Congress · 25 May 2001
Social Security Number Privacy and Identity Theft Prevention Act of 2001 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to: (1) specify restrictions on the sale and public display of social security account numbers (SSNs) (or any derivatives) by Federal, State, and local governments and bankruptcy case trustees; (2) prohibit the display of SSNs on checks issued for payment by such governments, or on driver's licenses or motor vehicle registrations issued by a State or local government; (3) prohibit the Federal, State, or local government display of SSNs (or any derivatives) on employee identification cards or tags (IDs); (4) prohibit access to the SSNs of other individuals by prisoners employed by Federal, State, or local governments; (5) require States to require independent verification of birth records provided in support of applications for SSNs; and (6) prohibit the selling, purchasing, or displaying of SSNs and the obtaining or using of any individual's SSN to locate or identify such individual with the intent to physically injure or harm such individual or to use the ID of such individual for any illegal purpose by any person, with specified exceptions. Establishes civil and criminal penalties for violations of this Act, including judicial orders of restitution. Provides that any person who refuses to do business with an individual because the individual will not consent to that person's receipt of his or her SSN shall be considered to have committed an unfair or deceptive act or practice in violation of the Federal Trade Commission Act, except in certain cases required under Federal law. Subjects to the Fair Credit Reporting Act information regarding a consumer's SSN (and any derivative) (credit header information).
United States · United States Congress · 24 May 2001
Working Families Flexibility Act of 2001 - Amends the Fair Labor Standards Act of 1938 to provide for compensatory time for all employees. Allows an employee to receive, in lieu of monetary overtime compensation, compensatory time off at a rate not less than one and one-half hours for each hour of employment for which overtime compensation is required under the Act.
United States · United States Congress · 24 May 2001
Amends part C (Medicare+Choice) of title XVIII (Medicare) of the Social Security Act to delay from July 1 to the third Monday in September the annual deadline for Medicare+Choice organizations to report plan information, including information on adjusted community rates for coordinated care plans.
United States · United States Congress · 24 May 2001
Domestic Spirits Tax Equity Act of 2001 - Amends the Internal Revenue Code to allow a distilled spirits wholesaler a distilled spirits wholesalers credit equal to the product of: (1) the number of cases of bottled distilled spirits which were bottled in the United States and which are purchased by such wholesaler during the taxable year directly from the distiller or importer of such spirits; and (2) the average tax-financing cost per case for the most recent calendar year ending before the beginning of such taxable year.
United States · United States Congress · 23 May 2001
Amends Federal aviation law with respect to the air traffic control contract program to authorize the Secretary of Transportation to provide grants to an airport sponsor for: (1) the construction or improvement of a nonapproach control tower (effectively eliminating eligibility of Level I air traffic control towers for such grants); and (2) the acquisition and installation of air traffic control equipment to be used in a nonapproach control tower to assist in sustaining or improving the safe and efficient movement of air traffic. Revises eligibility requirements with respect to such grants.
United States · United States Congress · 23 May 2001
Amends part C (Administrative Simplification) of title XI of the Social Security Act to revise the deadline for initial compliance with standards for information transactions and data elements.
United States · United States Congress · 16 May 2001
Clean Efficient Automobiles Resulting From Advanced Car Technologies (CLEAR ACT) Act of 2001 - Amends the Internal Revenue Code to allow an annual alternative motor vehicle credit equal to the sum of: (1) the new qualified fuel cell motor vehicle credit; (2) the new qualified hybrid motor vehicle credit; and (3) the new qualified alternative fuel motor vehicle credit. Sets forth credit termination dates. Extends and revises the credit for qualified electric vehicles. Makes leased vehicles eligible for the credit. Allows (through 2007) an alternative fuel retail sales credit of 50 cents per gallon to a qualifying retailer. Extends and revises the deduction for certain clean fuel vehicles and refueling property. Allows (through 2007) a credit for the installation of residential or retail clean-fuel vehicle refueling property.
United States · United States Congress · 15 May 2001
Hydroelectric Licensing and Incentives Act of 2001 - Amends the Federal Power Act to prescribe procedural guidelines for the consideration of hydroelectric power licensing by Federal agencies and the Secretaries of the Interior and of Commerce. Instructs the Secretary of Energy to make incentive payments: (1) for a period of ten fiscal years to the owner or operator of electric energy generated and sold by a qualified hydroelectric facility; and (2) to the owner or operator of hydroelectric facilities at existing dams for capital improvements directly related to specified facility efficiency improvements. Amends the Public Utility Regulatory Policies Act of 1978 to redefine "an existing dam" for purposes of small hydroelectric power projects as one whose construction was completed on or before May 16, 2001 (currently, on or before April 20, 1977). Instructs the Secretary of Energy to study and report to certain congressional committees on cost-effective opportunities to increase hydropower generation at existing federally-owned or operated water regulation, storage, and conveyance facilities.
United States · United States Congress · 15 May 2001
Amends the Internal Revenue Code to include in the definition of "educational assistance" provided to an employee (and thus exclude from the gross income of an employee) the provision, by an employer, of computer equipment or Internet access.
United States · United States Congress · 10 May 2001
Medicare Patient Access to Preventive and Diagnostic Tests Act - Amends title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health and Human Services to: (1) establish procedures for determining the basis for, and amount of, Medicare payment for any clinical diagnostic laboratory test with respect to which a new or substantially revised Health Care Financing Administration Common Procedure Coding System (HCPCS) code is assigned on or after January 1, 2002; (2) set the national fee schedule amounts for tests performed; (3) establish a mechanism for review of the adequacy of payment amounts for a particular test; and (4) prohibit the Secretary from delegating the authority to make determinations with respect to clinical diagnostic laboratory tests to a regional office of the Health Care Financing Administration or to a certain contracted entity. Prohibits the Secretary from assigning a code for a new clinical diagnostic laboratory test that differs from the code recommended by the American Medical Association Common Procedure Terminology Editorial Panel and results in lower payment than would be made if the Secretary accepted such recommendation solely on the basis that the test is a test that may be performed by a laboratory with a certificate of waiver under the Public Health Service Act.
United States · United States Congress · 10 May 2001
Energy Efficiency and Conservation Incentives Act of 2001 - Amends the Internal Revenue Code to allow as a deduction: (1) an amount equal to $30 for each qualified energy management device originally placed in service during the taxable year; and (2) for each qualified retrofitted meter originally placed in service during the taxable year, an amount equal to the lesser of $30 or the adjusted basis of such meter.
United States · United States Congress · 8 May 2001
Kidney Patient Daily Dialysis Quality Act of 2001 - Amends title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health and Human Services to publish final regulations for equivalent per treatment prospective payment rates for more frequent hemodialysis treatments furnished to qualified individuals at home and in a facility (composite Method I and Method II Cap rates).
United States · United States Congress · 3 May 2001
Community Forestry and Agriculture Conservation Act of 2001 - Amends the Internal Revenue Code to treat a bond issued to acquire land together with any renewable resources associated with the land on land subject to a conservation restriction as a tax-exempt (qualified 501(c)(3)) bond if the revenues from are used in a manner consistent with the charitable purpose.
United States · United States Congress · 2 May 2001
Hydropower Capacity Improvement Act - Amends the Internal Revenue Code to allow: (1) a tax credit through tax year 2011 for incremental hydropower for additional generating capacity and increased efficiency at existing dams licensed by the Federal Energy Regulatory Commission; and (2) such credit for public utilities, certain organizations, and States, possessions, and Indian tribal governments. Permits credit assignment.
United States · United States Congress · 1 May 2001
Biomass Energy Equity Act of 2001 - Amends the Internal Revenue Code respecting the credit for electricity produced from certain renewable resources to: (1) extend the credit; (2) expand the scope of qualifying closed-loop facilities; and (3) make qualifying biomass (other than closed-loop biomass) and biomass facilities eligible for the credit.
United States · United States Congress · 26 April 2001
Access to Cancer Therapies Act of 2001 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to extend Medicare coverage to all oral drugs prescribed for use as an anticancer agent for a medically accepted indication.
United States · United States Congress · 26 April 2001
Artists' Contribution to American Heritage Act of 2001 - Amends the Internal Revenue Code to provide a fair market value (determined at time of contribution) deduction for charitable contributions of literary, musical, artistic, scholarly compositions, or the copyright created by a qualifying donor. Exempts certain non-personal letters and memorandum from such treatment. Limits such increased deduction to the donor's artistic adjusted income (as defined by this Act).
United States · United States Congress · 25 April 2001
Reforestation Tax Act of 2001 - Amends the Internal Revenue Code to allow a deduction to a taxpayer who has a qualified timber gain in an amount equal to the qualified percentage of such gain. Decreases the amortization period for reforestation expenditures.
United States · United States Congress · 24 April 2001
Amends subtitle B of title XII of division A of the National Defense Authorization Act for Fiscal Year 1998 to repeal the use of millions of theoretical operations per second (MTOPS) as a measurement of computer speed with respect to the application of certain export controls on high performance computers.
United States · United States Congress · 4 April 2001
Eliminate Colorectal Cancer Act of 2001 - Amends the Public Health Service Act and the Employee Retirement Income Security Act of 1974 to require coverage of colorectal cancer screening according to certain guidelines by a group health plan, a health insurance issuer offering group health insurance coverage, and a health insurance issuer in the individual market. Directs the Secretaries of Labor and of Health and Human Services to ensure coordination in the implementation and enforcement of this Act.
United States · United States Congress · 4 April 2001
Vaccines for the New Millennium Act of 2001 - Amends the Internal Revenue Code to allow a limited business credit for the costs medical research related to developing vaccines against widespread diseases. Defines widespread diseases as malaria, tuberculosis, HIV, or any infectious disease (of a single etiology) which, according to the World Health Organization, causes over one million human deaths annually. Allows a limited lifesaving vaccine sale credit equal to the amount of qualified vaccine sales. Defines qualified vaccine sales as the aggregate amount paid to the taxpayer for a qualified sale. Defines a qualified sale as a sale of a qualified vaccine: (1) to a nonprofit organization or to a government of any foreign country (or instrumentality of such a government); and (2) for distribution in a developing country. Establishes the Lifesaving Vaccine Purchase Fund. Expresses the sense of Congress concerning the manufacture, distribution, support for global efforts, and tiered pricing of vaccines.
United States · United States Congress · 4 April 2001
Structured Settlement Protection Act - Amends the Internal Revenue Code to impose an excise tax on persons acquiring structured settlement payments in factoring transactions.
United States · United States Congress · 4 April 2001
Medical Savings Account Availability Act of 2001 - Amends the Internal Revenue Code with respect to medical savings accounts to: (1) repeal restrictions on the number of accounts which may be established; and (2) expand the availability of such accounts to individuals other than the self-employed and employees of small employers.
United States · United States Congress · 4 April 2001
Citizen Legislature and Political Freedom Act - Amends the Federal Election Campaign Act of 1971(FECA) to terminate limitations on Federal election campaign contributions after 2002. Amends the Internal Revenue Code to terminate after December 31, 2001, the designation of income tax payments to the Presidential Election Campaign Fund. Terminates the Fund itself and the Presidential Primary Matching Payment Account after December 31, 2002, and transfers any amounts remaining in the Fund to the general fund of the Treasury. Amends FECA, in the case of a political committee of a national political party, to require reports of all funds transferred to any political committee of a State or local political party, without regard to whether or not the funds are otherwise treated as contributions or expenditures under such Act (soft money). Requires any political committee of a State or local political party to file with the Federal Election Commission (FEC) a copy of any report on disbursements it is required under a State or local law, rule, or regulation to submit to the State or local government. Revises current deadlines for notification of contributions by a campaign committee. Declares that the "best efforts" exception to noncompliance with FECA shall not apply with respect to information regarding the identification of any contributor of more than $200 in the aggregate during a calendar year (thus requiring strict observance of reporting deadlines for all such contributions). Provides that, except with the separate, prior, written, voluntary authorization of each individual involved, it shall be unlawful for described labor organizations to collect from or to assess its members or nonmembers any dues, initiation fee, or other payment if any part of it will be used for political activity in which the labor organization is engaged. Changes the name of the FEC to the Federal Campaign Regulation Commission.
United States · United States Congress · 4 April 2001
Amends Internal Revenue Code provisions concerning designated settlement funds to exempt from tax any designated settlement fund established for the principal purpose of resolving and satisfying present and future claims relating to asbestos. Sets forth special rules concerning asbestos liability losses.
United States · United States Congress · 4 April 2001
Fuel Tax Equalization Credit for Substantial Power Takeoff Vehicles Act - Amends the Internal Revenue Code to provide a $250 credit for each qualified commercial power takeoff vehicle (certain highway vehicles designed to deliver ready mixed concrete or collect refuse or recyclables) owned by a taxpayer at the end of the year. Stipulates that such credit shall not be available for a vehicle used during the year by a governmental entity or a tax-exempt organization.
United States · United States Congress · 4 April 2001
Electric Power Industry Tax Modernization Act - Amends the Internal Revenue Code to permit a governmental unit to make an irrevocable election to terminate certain tax-exempt bond financing for electric output facilities. Sets forth provisions concerning independent transmission companies. Provides for the exclusion from gross income as contributions to capital of certain amounts received by electric utilities. Revises the special rules concerning the tax treatment of nuclear decommissioning costs.
United States · United States Congress · 4 April 2001
Recognizes those law enforcement officers who have been injured or killed in the line of duty during the enforcement of methamphetamine-related laws. Praises the cooperation and coordination between Federal, State, and local law enforcement organizations. Honors the families of law enforcement officers who must subject their families to the dangers posed by methamphetamine law enforcement.
United States · United States Congress · 3 April 2001
Amends the Internal Revenue Code, with respect to taxation of U.S. shareholders of controlled foreign corporations, to permanently extend the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (banking, financing, or similar business) income earned on business operations overseas. (Thus permits American financial services firms doing business abroad to defer U.S. tax on their earnings from their foreign financial services operations until such earnings are returned to the U.S. parent company.)
United States · United States Congress · 29 March 2001
Qualified Personal Service Corporations Clarification Act of 2001 - Amends the Internal Revenue Code to modify the criteria for determining whether a corporation is a qualified personal service corporation. Includes within the definition of qualified personal service corporation a qualifying corporation substantially all of whose stock is held by certain former employees (thus permitting such corporation to use the cash method of accounting).
United States · United States Congress · 29 March 2001
Amends the Internal Revenue Code, with respect to the exclusion from a lessee's gross income of qualified construction allowances for short-term leases, to require that in order to qualify for the exclusion the construction expenditure must occur before the end of the second taxable year after the allowance was received. Revises the exclusion from gross income (safe harbor) for certain contributions to the capital of a corporation to extend such exclusion to money or other property received by a retailer under specified conditions concerning length of business operation at a particular location and land and structure ownership at such location. Declares that a taxpayer shall be treated as owning the land if the taxpayer is the lessee of such land under a lease having a term of at least 30 years, and on which only nominal rent is required. Disallows any deduction or credit for, or by reason of, any amount received by the taxpayer which constitutes a contribution to capital.
United States · United States Congress · 28 March 2001
Cuban Internal Opposition Assistance Act of 2001 - Instructs the President to: (1) use specified funds to implement assistance for victims of the most extreme political repression and to assist independent nongovernmental opposition organizations inside Cuba; (2) ensure that such funds reach their destination; and (3) authorize issuance of licenses to independent nongovernmental organizations to send monetary remittances to independent nongovernmental opposition organizations to implement specified activities under the Cuban Liberty and Democratic Solidarity Act of 1996.
United States · United States Congress · 28 March 2001
Investment Competitiveness Act - Amends the Internal Revenue Code to exempt interest-related dividends and short-term capital gain dividends received from a regulated investment company from the 30 percent tax on the income of nonresident aliens and foreign corporations not connected with a U.S. business, subject to exception. Revises provisions concerning: (1) the estate tax treatment of stock in certain regulated investment companies owned by a nonresident; and (2) the distribution of U.S. property by a qualified investment entity (currently, a real estate investment trust).
United States · United States Congress · 28 March 2001
Amends the Internal Revenue Code to include wireless telecommunications equipment in the definition of qualified technological equipment for purposes of determining the depreciation treatment of such equipment under the accelerated cost recovery system.